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Europe's $24T Breakup with Visa and Mastercard Has Begun

europeanbusinessmagazine.com

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Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#271

Post by miroljub »

lmz wrote: post #160
miroljub wrote: post #34

Earlier quoted context omitted.

No every, you just don't know it ;) There was a recent case of one Serbian company being sanctioned by the USA, and Visa and Master refused to process payments. No big deal, since even a small country like Serbia has its payment system called Dina that kept the company afloat. There's not a single technical reason for bigger and richer countries to develop their own card payment system. It's not rocket science. The o…

France has CB. Germany has girocard. The entire problem is that these are national and not interoperable across the EU.

I don't know for France, but in Germany, they did everything they could to reduce Girocard usage. Today, every bank offers Visa debit, but if you want Girocard, it's difficult to find a bank that offers it.

There's nothing wrong with having national cards, since >90% of transactions are national anyway. That's how German Girocard worked for decades until the coordinated push to switch to Visa Debit happened.

And the government did nothing to protect domestic payment systems. As if they value foreign dependency more than the independence.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#272

Post by Hikikomori »

SomeUserName432 wrote: post #242
V__ wrote: post #137

Earlier quoted context omitted.

> For many consumers there isn't sufficient money in the account to settle all the one-time and ongoing transactions they are liable for This is a uniquely American viewpoint. In most of Europe you don't buy anything on credit ever.

I would never buy a plane ticket on debit. Airbnb reservations I also tend to do on credit. Anything related to company expenses I also do on credit and receive reimbursement prior to having to pay it myself.

In Europe you typically have travel insurance on debit cards as well.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#273

Post by SomeUserName432 »

ericmay wrote: post #162
jimnotgym wrote: post #147

Earlier quoted context omitted.

>Well, you could do that, but that sucks Only sucks for the Americans though, I think most people non American countries will be fine with that

No it sucks for everyone haha. It's an objectively worse experience compared to just using a card (debit or credit).

The vendors you'd pay with Pix in brazil are typically the vendors who may not even accept cards at all, it's pix or cash.

(Although you CAN pay with pix at many supermarkets, I'd rate it as rare. Also useable for online payments, but you take the risk in case of fraud, unlike with creditcards)

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#275

Post by tiagod »

severino wrote: post #196
pjmlp wrote: post #164

Earlier quoted context omitted.

On Portugal we have the Multibanco network, which already provided Internet like services for buying stuff on the terminals and eventually graduated to have online payments as well, however only in Portugal. Likewise, in Germany we can have SEPA for most stuff. And in Greece there is Viva. Problem is getting something that actually works across all European countries.

I've been in Portugal sometimes, and to me MB was synonymous with "we accept credit cards", and in fact it is in the sense that you can pay using Visa or Mastercard in those shops. But, is it a standalone system that doesn't require anything outside Portugal in order to work? With their own non-Visa credit cards? And can you use them when abroad in the EU, for example?

It's a standalone network. Most Portuguese cards are also VISA/Mastercard, but payment terminals may only have a contract with Multibanco, meaning only Portuguese cards are accepted. It's quite common for foreign cards not to be accepted.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#277

Post by RobertoG »

margana wrote: post #187
pjmlp wrote: post #164

Earlier quoted context omitted.

On Portugal we have the Multibanco network, which already provided Internet like services for buying stuff on the terminals and eventually graduated to have online payments as well, however only in Portugal. Likewise, in Germany we can have SEPA for most stuff. And in Greece there is Viva. Problem is getting something that actually works across all European countries.

The problem isn't just getting something that works across all European countries. It's getting something that works globally. While we may make most of our payments within EU, basically everyone still occasionally pays for something outside of EU, either online or when they travel. This means if the new thing only works in EU, every European will still need and have a MasterCard/Visa even if they use it less often t…

You can buy things from your local Amazon or national equivalent that come from outside using this systems, so, you are not so restricted to EU sellers.

I suppose the most problematic would be traveling. I recently when outside the EU and was surprise how smooth the process was using my Visa card, to the point I didn't use any local currency.

On the other hand, I recently buy books from the UK and it get stuck for two weeks in customs, and it had nothing to do with the payment platform. I had not realized how difficult is to import something from outside the EU, even for personal use.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#278

Post by victorbjorklund »

bjghknggkk wrote: post #176
pjmlp wrote: post #164

Earlier quoted context omitted.

On Portugal we have the Multibanco network, which already provided Internet like services for buying stuff on the terminals and eventually graduated to have online payments as well, however only in Portugal. Likewise, in Germany we can have SEPA for most stuff. And in Greece there is Viva. Problem is getting something that actually works across all European countries.

Show me a german webshop that supports modern payment methods. It usually old school bank transfers still.

Which payment method is missing from Zalando? https://en.zalando.de/ It’s a German company

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#279

Post by NicuCalcea »

SomeUserName432 wrote: post #242
V__ wrote: post #137

Earlier quoted context omitted.

> For many consumers there isn't sufficient money in the account to settle all the one-time and ongoing transactions they are liable for This is a uniquely American viewpoint. In most of Europe you don't buy anything on credit ever.

I would never buy a plane ticket on debit. Airbnb reservations I also tend to do on credit. Anything related to company expenses I also do on credit and receive reimbursement prior to having to pay it myself.

It's just now how it works in most of Europe. I've lived in four countries, had accounts with lots of banks, paid for countless plane tickets and booking reservations, and only had a credit card once when I was issued one at work. I don't expect I'd ever get a personal one, and can't think of anyone that regularly uses one.

The only time I even considered it was to build a credit score in the UK to eventually apply for a mortgage, but even then it's not really necessary.

Re: Europe's $24T Breakup with Visa and Mastercard Has Begun

#280

Post by Invictus0 »

Beretta_Vexee wrote: post #252
consp wrote: post #156

Earlier quoted context omitted.

There is also a major difference as I understand it. They need to be resolved at the end of a certain period. There is a legal difference from Credit cards as in there is no continual liability and thus no continued line of credit. Getting a true credit card is also a lot harder here (not France) than a deferred payment card (usually 1 month) and has stricter credit checks.

It's more taboo to talk about revolving credit card than crack addiction for a french. I don't know a bank that offer them, even the shady online bank.

Too bad that doesn't extend to their government, which seems to have no problem spending their credit down to the wire...
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